If you're saddled with a lot of debt or have a poor credit rating, you certainly aren't alone. Studies show that the average American family spends 43 percent more than it earns, often using credit cards--a behavior which has led many into a bad financial situation. Luckily, there are ways to help yourself out of an overwhelming situation and get your finances back on track. If you own your own home, you've got a valuable asset on your side. Talk to Downs Financial about refinancing your home for debt consolidation. We can help you move forward to debt-free living.
Traditionally, mortgage refinances are done to pay off an original mortgage with one that has a better interest rate or better terms. The money you receive from a mortgage refinance of your home can also be used for other things, including home repairs or debt consolidation. If you have numerous credit card bills with exorbitantly high interest rates, you can use the money from your refinance to pay them off, reducing many high interest monthly payments into one reasonable one. Not only does this make your financial situation less complicated, it will save you significant money in the long run.
Interested in a Bad Credit Refinance? Choose Your Lender Carefully
If you are interested in refinancing your mortgage, whether for debt consolidation reasons or simply to take advantage of current low interest rates, the process you will go through is much like that of getting your first mortgage. If you have poor credit and are looking to refinance, however, you should take special care about whom you choose as your lender. In today's market there are unscrupulous lenders whose business it is to take advantage of those with poor credit who are desperate to refinance, charging them high rates and multiple fees by claiming that no one else will approve their loan for any less.
Even if you have poor credit, there's no need for you to do business with that type of lender. At Downs Financial, we've made a promise to our clients with less than perfect credit to help them get a fair home loan that will also fit their needs and lifestyle. We won't gouge you with outrageous rates and fees, and we pledge to treat you with the courtesy and respect we extend to all our clients. Let us help you secure the refinance loan you need to get back on track and stop worrying about debt!